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WORLD ECONOMY Pressure on Debt Hits Davos Michel Euler / AP Photo

Pressure on Debt Hits Davos

Leaders at the World Economic Forum in Davos, Switzerland, on Saturday turned up the pressure on Europe to find a solution to the region's sovereign debt crisis. The International Monetary Fund's Christine Lagarde said a bigger firewall of money needs to be set up to ensure stability if there is a lending crisis; the current capacity is $656 billion, which Lagarde said is not enough when it begins operating in July. But there's also good news, as officials in talks between Greece and private creditors say a deal is very close to being reached so that the country's debt load could be cut in half, preventing a potentially disastrous default.

January 28, 2012 1:21 PM